Long Term Care Why It s Essential to Lock In a Plan Now

From earning career qualifications and saving for your first home to putting your kids through college, you’ve carefully planned for the future at every stage of life. So why do so many of us struggle to apply that same practical mindset when it comes to aging? The University of Michigan’s National Poll on Healthy Aging revealed that nearly 90% of older Americans hope to remain in their own homes as they age, yet according to a recent AARP Research survey, fewer than three in 10 adults over 50 have seriously considered how they’ll manage if they need help to do so. It’s hard to imagine your future needs while you’re busy enjoying an active lifestyle, but making provisions for long-term care is as essential as saving for your kids’ education or a retirement nest egg. You’ve worked so hard to build a solid foundation for yourself and your family. Why jeopardize everything by leaving it to chance now?

The High Cost of Care

If you think you can fall back on Medicare to cover long-term care, whether in your own home or a facility, think again. It’s a common misconception shared by about half of those surveyed by AARP Research—and one that can have expensive consequences. Medicare only covers medical expenses, not assistance with routine personal tasks such as washing and eating. Genworth’s Cost of Care Survey reports that the average cost for a home healthcare aide in New Jersey is $5,710, and rapidly rising. The average annual charge for a semi-private room in a nursing home is $135,043. Even if you only need help with household chores like cooking and cleaning, you could pay $5,529 a month or $66,352 a year. How long would your savings hold out against bills like these?

Protect Yourself and Your Family

The data suggests that for many, the burden of care falls on their nearest and dearest. According to AARP’s 2021 Caregiving Out-of-Pocket Costs Study, approximately 48 million Americans act as unpaid caregivers, often with significant emotional or financial consequences. The study found that on average caregivers use 26% of their income to subsidize their loved one’s living or medical expenses. A Pew Research Center survey reveals that more than 50% of Americans in their 40s have a parent over 65 and at least one dependent child. Apart from the potential financial strain, the “sandwich generation” can suffer stress from competing demands, leading to depression and other psychological problems. Would you knowingly put your son or daughter in this position? If you’re one of the growing number of childless adults over 55, who would you rely on for help?

A Smart Choice for the Future

Fellowship Freedom Plans offers a cost-effective solution that includes inflation protection. After a one-time membership fee, a 75-year-old Gold member will pay just $659 a month to be eligible for 100% coverage, whether you need home-based assistance, adult day care, assisted living, or a nursing home. Starting at less than $25,000 for Bronze level, the membership fee is considerably less than a single year of home help in the Garden State, according to Genworth. We did the math: In a side-by-side comparison, FFP Gold level costs about a third of the average long-term care insurance over three years. Plus, the charges are tax deductible.

Benefits You Can Enjoy Now

Long-term care insurance typically imposes waiting periods and time limits for benefits, but when you join Fellowship Freedom Plans you’re eligible on day one and receive care for as long as you need it. You can also take advantage of our established industry expertise. Typically, it’s up to the insured individual and their family to research the options, but FFP gives you a personal care navigator, on call 24/7, to ensure you get the best treatment possible. At-home care is provided by Helping Hands staff directly hired and trained by us.

FFP isn’t just a safety net for the future, it can help you get more from your life right now. Members receive valuable perks including a home safety assessment to identify potential modifications for aging in place and a concierge service to connect you to our network of trusted contractors. As part of the holistic Bravo Wellness Program, your personal wellness coach will create a customized fitness regime for optimal vitality, and your membership includes events and facilities on the beautiful Fellowship Village campus to help you build a more fulfilling social life—one of the seven dimensions of wellness.

Ready to enhance your well-being while making your future more secure? Call us today at (908) 580-3850 to learn more about all the benefits of Fellowship Freedom Plans.